Thursday, April 12, 2018

FW: Auction Results: GII 8/37 Reopening



Dear all,


Auction Results: GII 8/37 Reopening

·         Robust bids. The 20y GII 8/37 reopening auction drew strong demand with a bid/cover of 2.118x despite the slightly larger-than-expected issuance size of MYR2.5b and market’s cautious sentiment in the run up to the 14th General Election on 9 May. Participation likely came from domestic real-money accounts predominantly, such as lifers and pension funds given attractive spread over MGS and the 20y being one of the wider points of the curve.

·         Successful yields averaged 4.804% with the high cutting off at 4.827%, within the wide pre-auction WI range of 4.85/70%. Lowest successful yield was 4.790%.

·         The next scheduled auction is a new issue of 5y MGS 4/23 which we estimate to be in a size of MYR4b.


Bid to cover:            2.118

Highest yield:           4.827%

Average yield:         4.804%

Lowest yield:           4.790%

Cut off:                   100%




Winson Phoon, ACA

(65) 6231 5831


Se Tho Mun Yi

(603) 2074 7606


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